As used in this subchapter:
(1) “Arkansas Higher Education Information System” means the database maintained by the Division of Higher Education containing student data files that the division and institutions of higher education in Arkansas are required to collect under §§ 6-85-214, 6-85-216, and 6-85-217, other state law, and federal law; and
(2) “Institution of higher education” means: An Arkansas state-funded community college;
(3) An Arkansas state-funded university; or
(4) A private college or university in Arkansas that receives state funding for student financial assistance or voluntarily participates in the system.